Summary of the report:
The steady development of the laser giant. Founded in 2006, the company has developed rapidly along the path of "fiber device → laser → laser / optical intelligent equipment". The company has a research and development team with profound academic background and rich experience in the industry, which makes the company always keep ahead in the field of laser and intelligent equipment. In 2022, when the external environment is complex and changeable, the company's revenue is basically the same as that of the previous year, while the profit end is under short-term pressure due to adverse effects such as cutting laser losses. At present, the company has completed the optimization of business structure, focused on key business, and entered the stage of high-quality development.
MOPA laser leader, solid-state laser and welding laser go hand in hand. MOPA pulsed fiber laser is the traditional advantage area of the company, with stable profitability and leading shipments in the world. Solid-state lasers began to enter the market in 2016 and have now formed stable sales, with a gross profit margin close to that of MOPA lasers, which together with MOPA lasers constitute the profit base of the company's laser business. The company's continuous laser products were mainly used in cutting applications before. under the circumstances of deteriorating competition in the laser cutting market, the company has gradually completed the contraction of the cutting laser business. the continuous laser stripe turns to the R & D and production of welding lasers, and the profit level of welding lasers is much better than that of cutting lasers, which will help the company's laser gross profit margin to increase steadily.
Focus on the four strategic business, the future growth can be expected. ① lithium lasers: relying on the company's technical advantages in the field of lasers, the company's lithium special lasers and laser equipment have successfully cut into the supply chain of power battery head manufacturers. Previously, domestic lithium lasers were mainly imported, and there is a wide space for domestic substitution. ② thin film cell: the company's laser can be used for P1-P3 laser etching and P4 laser edge cleaning of perovskite, cadmium telluride and other thin film photovoltaic cells. The technology level is leading in China, fully benefiting from the development of thin film cells. ③ optical inspection: the company entered Apple Inc's supply chain by relying on spectral testing equipment as early as 2014. at present, it has a perfect layout in the fields of XR testing, camera module testing and VCSEL testing. as the iteration of customer products leads to new equipment demand, the company's related business has ushered in a performance harvest period. ④ passive components: with the laser resistance trimmer as the starting point, the company has launched new products such as inductance winding machine, inductance stripping machine and package tester, and is carrying out the research and development of test sorter and lamination machine to open up multiple links in the production of resistance and capacitance, waiting for the industry of passive components to pick up.
Profit forecast and investment advice: the company's net profit from 2023 to 2025 is expected to be 1.98,2.97 and 398 million yuan respectively, corresponding to 39, 26 and 19 times of PE, maintaining the "overweight" rating.
Risk tips: major customers rely on; XR product shipments fall short of expectations; market competition intensifies; profit forecasting and valuation models fail